Bitcoin Price Rejected Above $70K, Bulls Lose Grip on Momentum

The pair might extend losses if it stays below the 69,250 and 69,500 levels. Bitcoin Price Trims Gains Bitcoin price managed to climb higher above the 68,000 resistance zone. BTC gained pace for a move above the 68,500 and 68,800 levels. The price even climbed above 70,000 but failed to remain in a positive zone. A high was formed at 70,463, and the price started a downside correction. There was a move below the 23.6 Fib retracement level of the upward move from the 65,688 swing low to the 70,463 high. Bitcoin is now trading above 68,000 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at 67,500 on the hourly chart of the BTC/USD pair. If the price remains stable above 67,500, it could attempt a fresh increase. Immediate resistance is near the 69,350 level. The first key resistance is near the 69,800 level. A close above the 69,800 resistance might send the price further higher. In the stated case, the price could rise and test the 70,500 resistance. Any more gains might send the price toward the 71,500 level. The next barrier for the bulls could be 72,000. More Losses In BTC? If Bitcoin fails to rise above the 69,350 resistance zone, it could start another decline. Immediate support is near the 68,000 level. The first major support is near the 67,800 level. The next support is now near the 67,500 zone or the 61.8 Fib retracement level of the upward move from the 65,688 swing low to the 70,463 high. Any more losses might send the price toward the 66,800 support in the near term. The main support now sits at 65,500, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – 68,000, followed by 67,500. Major Resistance Levels – 69,350 and 70,500.